One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. $463,400 $1,295,000 Sales (b) (d) Cost of merchandise sold (a) $410,000 (c) $900,000 Gross profit 83,500 277,500 275,000 600,000
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- Assuming a companys year-end inventory were overstated by $5,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: EquityAssuming a companys year-end inventory were understated by $16,000, indicate the effect (overstated/understated/no effect) of the error on the following balance sheet and income statement accounts. A. Income Statement: Cost of Goods Sold B. Income Statement: Net Income C. Balance Sheet: Assets D. Balance Sheet: Liabilities E. Balance Sheet: EquityCost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
- LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about the following: Cost of goods sold___________ Gross profit___________ Net income___________ Ending owners capital___________Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory was understated by $15,000, how much net income did the company actually earn?Tanke Company reported net income on the year-end financial statements of $850,200. However, errors in inventory were discovered after the reports were issued. If inventory was overstated by $21,000, how much net income did the company actually earn?
- Fill in the blanks in the following separate income statements a through e. (amounts to be deducted should be indicated by a minus sign) a b c d e Sales $63,000 $43,600 $41,000 ________ $24,500 Cost of goods sold Merchandise inventory (beginning) $7,500 $16,290 $5,200 $7,700 $4,400 Total cost of merchandise purchases $33,000 _______ _______ $33,000 $6,800 Merchandise Inventory (ending) _______ $-2,700 $-8,300 $-7,400 ______ Cost of goods sold $33,450 $17,000 _______ ______ $6,400 Gross profit…Determining Amounts for Items Omitted from Income Statement An item has been omitted in each of the following four lists of income statement data. Determine the missing amount. Chase Company Jessup Inc. Osterman Company Snyder Co. Sales $480,200 $fill in the blank 1 $1,157,000 $fill in the blank 2 Cost of goods sold $fill in the blank 3 $416,800 $fill in the blank 4 $418,200 Gross profit $81,000 $284,000 $285,100 $278,700Using the financial information presented for Alexandria Co., compute the missing amounts. Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs. Sales revenue Sales returns and allowances 40,000 Net sales 90,000 Cost of goods sold Gross profit 70,000 Operating expenses Net income 20,000
- Presented below are the components in Jane Company's income statement. Determine the missing amounts. Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income (a) Php 750,000 ? Php 435,000 ? Php 108,000 (b) Php 1,080,000 Php 650,000 ? ? Php 295,000 (c) ? Php 719,000 Php 1,096,000 Php 395,000 ?Presented below is financial information for two different companies. (a) Determine the missing amounts. Cullumber Company Bramble Company Sales revenue $95,400 $ (d) Sales returns $ (a) $5,390 Net sales 90,290 104,400 Cost of goods sold 53,810 (e) Gross profit (b) 45,380 Operating expenses 16,980 (f) Net income (c) 15,300 Determine the gross profit rates. (Round answer to 1 decimal place, e.g. 25.2%.) Cullumber Company Bramble Company Gross profit rate % %Presented below is information for Novak Corp. for the month of January 2022. Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense 56,000 Sales revenue 380,000 (a) Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Novak Corp.Income Statementchoose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount select between addition and deduction : enter an income statement item $enter…
